Pricing
How banks are adapting to all-powerful pod funds
Growth of multi-manager funds such as Citadel, Millennium and Balyasny has forced dealers to switch tactics in an attempt to preserve profits
Why GTS bought HC Tech’s FX business
Rubenstein and Rosenwald open up on reasons for the deal – plus US lawsuit and culture questions
LatAm electronification – a market stuck in the past
Electronic pricing and execution of Latin American currencies is still lagging, say dealers
Goldman’s Marquee is a gradual revelation
Multiple apps are being corralled into a sticky cross-asset ecosystem, updated with Python and cloud
Plugging the leaks in skewed pricing
Liquidity recycling has made it trickier for LPs to identify information leakage
Shhh, don’t tell: the struggle to keep skew under wraps
Liquidity recycling by clients has made it more difficult for banks to keep skews quiet
US banks eye collateralisation to tackle SA-CCR costs
Dealers are asking asset managers to post margin on their FX swaps and forwards to offer more competitive prices
US banks fight back in FX forwards
Price differentials have narrowed as banks learn to live with SA-CCR
NatWest’s plan to put the XVA into RFQs
Bank to launch approximation tool on its electronic pricing framework for FX forwards
What’s the right price limit for an algo?
BestX assesses the different impacts a price limit can have on FX algo performance
It’s not easy being green: why the FX market is lagging on ESG
And what’s being done to fix it
SA-CCR gives RBC a chance to prove its worth
RBC attempts to entice buy-side clients with aggressive FX forwards pricing strategy
Deutsche Bank plans expansion of Pro algo to FX swaps
German bank’s principal resting order algorithm should support swap clients in 2023
FX primary venues seek reversal of fortunes
EBS and Refinitiv fight to restore market share – but bilateral trading may be too entrenched, dealers say
Regional banks beef up FX pricing tools
TraderTools’ PriceOn tech enables regional banks to internalise FX flows similar to top-tier dealers
UK budget gives sterling options traders a wild ride
Reaction to tax cuts sparks most active week for GBP/USD options traders since Brexit negotiations
Currenex pushes back in fight to dismiss class-action lawsuit
Defence lawyers mount stubborn defence in civil suit brought by XTX and two other financial firms
Return of volatility revs up FX options market
Macro disruption hikes volatility for eager dealers, however liquidity and spread compression remain a concern
HSBC-Finastra aim to centralise white labelling
Proponents say connecting via central hub can streamline the often-bespoke process
European banks can’t escape SA-CCR hit, warns FX exec
Although not yet directly affected, EU dealers may feel regulation’s impact, says Goldman’s Wilkins
A SwapAgent-bilat basis? Not for now
SA-CCR may make settled-to-market capital benefits more difficult to quantify